The global Dry Red Wine market size is projected to reach approximately $ 4.3 billion by 2030, at a CAGR of 2.3% from 2022 to 2030. Red wines are the primary varietal of wine in most regions, and Dry Red Wine is quite different from other dry varieties. It has a slightly sweet taste with a trace of bitter flavors while preserving the sweet and sour tang that defines this type of wine. There are many different types of Dry wine available, including white and red wines. Dry wine has been increasing in popularity and can be seen in culinary cultures all around the world, for instance drinking a glass of dry wine during the summer. Dry red wines also have food pairing options available for people who enjoy sweeter flavors in their meals.
COVID-19 Impact Analysis
The COVID-19 pandemic had a negative impact on the market for Dry Red Wine. The economic slowdown due to the COVID-19 pandemic has had a negative effect on the consumption of beverages in general, by inhibiting both short-term and long-term consumption rates. This is due not only to a decrease in expected income but also to social distancing measures such as fewer restaurants, pubs, cafes, and clubs opening up. As well as in duty-free sales, consumption on airlines and cruise ships, and visits to cellar doors. Wine production did not suffer too much from COVID-19 because there were some exemptions that allowed the industry to continue its production in spite of the new law. Some exemptions making it easier for laborers made wine production feasible since there was less pressure on the crushes in the Southern Hemisphere.
The growth in the Dry Red Wine market is driven by the rising consumers’ preference for light-bodied wines over heavy ones due to their low-calorie content and the demand for low alcohol drinks among young people globally.
⮚ Rising Popularity of Dry Red Wine in Western Countries
It is predicted that demand for Dry Red wine in developed and developing economies will continue to rise during the forecast period. This is due to raw material abundance, well-trained workforces, technological discoveries, and increasing R&D activities. As a result of global technological improvements, dry red wine’s market is estimated to provide a multitude of opportunities. Dry red wine producers are facing financial issues, such as an increase in production expenses, which has a direct impact on their bottom line. Additionally, Western countries account for nearly 50% of the world’s wine sales. Demand from these regions has kept up Global Demand
- Potential Health Risks Associated with the Consumption of Dry Red Wine
Dry wine consumption has a variety of side effects on various persons. Consumers all around the world are becoming more aware of dry wine’s potential to harm their health. Dry red wine producers are hindered by the limited use of Dry wine in the food and beverage industry, which might be due to a marketing or economic reasons. New information on the link between red wine and inflammatory infections is preventing the worldwide market for red wine from developing at an unsustainable rate and causing a change in consumer behavior.
- Strong Preference of Modern Trade Stores for the sales of Dry Wine
Throughout the forecast period, modern trade stores will be the primary sales channel for Dry wine in the global market. Manufacturers are set to shift their products to current trade channels. On-sales channels still dominate wine consumption, but consumers rank comfort as the top priority. With that, it’s in turn opening up a market for off-sales sales which has now become the most important segment.
Based on the Type, the Dry Red Wine market is segmented based on Still Wines and Sparkling Wines. The Still Wine segment is anticipated to account for the large market share. The most popular types of this category are Chianti, Merlot, Cabernet Sauvignon, and Pinot Noir. These wines are generally made from a blend of red grapes like Pinot Noir or Cabernet Sauvignon with a higher level of acidity than white wine grapes like Chardonnay or Riesling.
Based on Application, the global Dry Red Wine market has been divided into Daily Meals, Social Occasions, Entertainment Venues, and Other Situations. The Daily Meals segment was the largest in the forecast period. In Daily Meal, demand for Dry Red Wine is rapidly growing due to its fruity flavor and smooth texture, which makes it a desirable product for consumers. Meanwhile, individuals today are experimenting with numerous wine types in order to keep up with their lifestyle trend of trying new things.
Global Dry Red Wine Market Share, by Segmentation
Based on region, the global Dry Red Wine market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the Dry Red Wine market followed by the Asia-Pacific and Europe regions.
North America Market
The North American region of Dry Red Wine has the largest market share and leads industry growth. With the rapidly growing of this industry, North America as a region has become one of the largest consumers of Dry red wine. The U.S. and Canada combined are estimated to account for about 50 percent of all consumption in the region and Mexico is predicted to become a significant consumer soon as well.
Europe’s dry red wine market is poised to grow at the fastest CAGR in the forecast period. This is attributed to the fact that European consumers have an average consumption of dry wine that is significantly higher than their consumption of any other type of alcohol. Dry wine is produced in considerable quantities in Italy, France, Spain, and other countries.
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as E&J Gallo Winery, Constellation, Castel, The Wine Group, Accolade Wines, Concha y Toro, and Treasury Wine Estates (TWE) lead the global Dry Red Wine business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- E&J Gallo Winery
- The Wine Group
- Accolade Wines
- Concha y Toro
- Treasury Wine Estates (TWE)
- Trinchero Family
In February 2022, Wines of Roussillon launched a new-three year promotional campaign that would target the UK. This was due to an increase in sales by over 50% during the first six months. France’s Conseil Interprofessionnel des Vins du Roussillon reaffirmed its commitment to the UK market by launching a new campaign. The campaign will help raise the profile of the region and support the commercial efforts of French wine producers and importers.
Scope of the Report
Global Dry Red Wine Market, by Type
- Still Wines
- Sparkling Wines
Global Dry Red Wine Market, by Industry
- Daily Meals
- Social Occasions
- Entertainment Venues
- Other Situations
Global Dry Red Wine Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: $ 4.3 Billion|
|CAGR||2.3% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||E&J Gallo Winery, Constellation, Castel, The Wine Group, Accolade Wines, Concha y Toro, Treasury Wine Estates (TWE), Trinchero Family, Pernod-Ricard, Diageo, E&J Gallo Winery, Changyu Group, Kendall-Jackson Vineyard Estates, GreatWall, Dynasty.|
|Key Market Opportunities||Strong Preference of Modern Trade Stores for the sales of Dry Wine|
|Key Market Drivers||Rising Popularity of Dry Red Wine in Western Countries|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Dry Red Wine market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Dry Red Wine market historical market size for year 2020, and forecast from 2021 to 2028
- Dry Red Wine market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Dry Red Wine market affected by the pandemic
- To provide a detailed insight on the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Dry Red Wine Market Market FAQs
- What is the study period of this market?
- The study period of global Dry Red Wine market is 2020 – 2030
- What is the growth rate of the global Dry Red Wine market?
- The global Dry Red Wine market is growing at a CAGR of ~ 2.3% over the next 7 years
- Which region has the highest growth rate in the global Dry Red Wine market?
- Europe is expected to register the highest CAGR during 2022 – 2030
- Which region has the largest share in the global Dry Red Wine market?
- North America holds the largest share in 2021
- Who are the key players in the global Dry Red Wine market?
- E&J Gallo Winery, Constellation, Castel, The Wine Group, Accolade Wines, Concha y Toro, Treasury Wine Estates (TWE), Trinchero Family, Pernod-Ricard, Diageo, E&J Gallo Winery, Changyu Group, Kendall-Jackson Vineyard Estates, GreatWall and Dynasty are the major companies operating in the global Dry Red Wine
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